In its goal to provide suitable housing options to low-income residents in New York City, the Lantern Organization collaborates with numerous companies oriented toward the same goal. One such partner, the New York City Department of Housing Preservation & Development, has made waves as the largest municipal developer of low-income projects in the country since its founding in 1987.
Over its 25 years of operation, HPD has invested more than $8.7 billion in housing units, distributing resources in areas such as repair and new construction. Those two areas exemplify the HPD’s primary areas of interest: constructing new housing options for New York City residents in need of affordable living while keeping older structures livable and modern. HPD looks for vacated, boarded-up buildings and overhauls them into townhouses suitable for individuals and families, and also seeks recreational parks that give nearby residents clean and safe areas to spend their free time.
Learn more about the HPD by visiting http://www.nyc.gov/html/hpd/.
About the Author
T. Eric Galloway has served as the President of Lantern Organization since 1997. Under Mr. Galloway’s leadership, Lantern has constructed 16 housing projects that boast affordable living, green standards, and energy-efficient design.
New York City is widely known for having some of the highest property prices in the world. The Lantern Organization, headed by President T. Eric Galloway, is dedicated to bringing affordable housing to neighborhoods in the Bronx, Brooklyn, and Manhattan. Lantern Organization works with government officials at the federal, state, and local levels as well as with community developers in order to achieve this goal. Below is a list of a few activities performed by the organization:
Lantern sets up an ownership entity for the building and chooses a development team that consists of an architect, attorney, contractor, and social services provider. In addition, Lantern helps facilitate a site selection and perform a feasibility analysis.
Lantern helps identify subsidies, prepares financial packages, and obtains mortgage financing. The organization also identifies potential investors as well as prepares and manages budgets.
Lantern prepares documents for review, obtains approvals by federal, state, and New York City housing agencies, coordinates with development teams, and provides supportive service contracts for future residents.
Expanding affordable housing in Manhattan, the Bronx, and Brooklyn is a vast undertaking, and the Lantern Organization works with a variety of organizations in order to achieve its goals. Lantern President T. Eric Galloway compiled a brief list of some of these organizations and how they impact affordable development in New York City.
New York City Department of Housing Preservation and Development
As the largest developer of affordable city housing in the United States, this department helps support the repair and restoration units and buildings and has made a concerted effort to expand city housing for the next generation of New Yorkers.
New York City Housing Authority
In order to maintain and increase opportunities for safe and affordable housing, the New York City Housing Authority manages more than 300 housing developments throughout the five boroughs. The authority is currently working with private investors and nonprofit organizations in order to address modern challenges to low- and moderate-income housing development.
The New York Landmarks Conservancy
Preserving New York City’s rich architectural heritage is critical to maintaining the city’s landmarks for future generations. The Conservancy works to preserve old buildings while contributing to economic growth and redevelopment.
Since 1997, The Lantern Organization has constructed housing for New York City residents in need. The group has designed numerous facilities for the Bronx, Manhattan, and Brooklyn. It has completed nine, while several are in the midst of construction and four fall under the “predevelopment and early planning” stage. To accomplish its goals, The Lantern Organization must enter into partnerships with private and public organizations, and it considers the New York City Department of Housing Preservation and Development (HPD) one of its most important allies.
Started in 1987, HPD has become the country’s largest public developer of affordable housing. Over the past 25 years, it has contributed nearly $9 billion to initiatives spearheaded by groups such as The Lantern Organization. Its funds have repaired, rehabilitated, and created multiple buildings in New York City. To further enhance the quality and number of residences available, HPD collaborates with nonprofit groups, private investors, and governments while revitalizing communities throughout the city’s boroughs.